Videocon loan case: Sebi sends notice to ICICI Bank, Chanda Kochhar

The Securities and Exchange Board of India (Sebi) has widened its probe into the controversial Rs 32.50-billion loan that ICICI Bank sanctioned for the Videocon group.

The capital markets regulator has sent a notice to the lender and its MD and CEO, Chanda Kochhar, seeking further information on the dealings between the bank and Videocon, besides the alleged business transactions between Videocon and NuPower Renewables, an entity in which her husband, Deepak Kochhar, has an economic interest, the bank informed stock exchanges on Friday.

“The MD and CEO and the bank received a notice from Sebi on May 24, 2018,” ICICI Bank’s filing said. It also added that Sebi had asked for responses on matters relating to alleged non-compliance with certain provisions of the erstwhile listing agreement and the Listing Obligations and Disclosure Requirements Regulations, 2015.

“Appropriate responses would be submitted to Sebi by the bank in accordance with regulations,” the statement said.

The regulator has appointed an adjudicating officer to examine the potential contravention of securities laws.

The notice was served under Sebi’s (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, under which the adjudicating officer can summon and enforce the attendance of any person acquainted with the facts and circumstances of the case.